Mind Commerce sees Sports and Fitness, Healthcare, and Clothing as key markets for the early success of wearable technology. Among these three segments, Sports and Fitness is the most promising segment for wearable consumption. The segment comprises various products out of which wrist bands, wrist watches, and headgears will dominate the segment. In addition, most products in this segment will be associated with measurement and monitoring fitness and performance and will be used by both amateurs and professionals.

The development of sensor technology has launched many different technology devices in the past decade. From FitBits to iWatches, the technology we see in these small devices is, simply put, incredible. As the technology becomes more accessible, we are seeing more and more industries getting involved with not just smart wearable devices, but smart apparel.

Rivaling consumer electronics, clothing has become one of the most purchased physical products online in recent years. Clothing was also the leading category in global cross-border B2C E-Commerce in 2014, accounting for over a third of all cross-border online purchases. In China and Japan, online mass merchants and marketplaces have become the most popular platforms for consumers to purchase clothing. In Europe, clothing has been the leading category by share of online shoppers in countries such as the UK, Germany, Russia, Italy and Turkey. Clothing merchants stand to benefit from adoption of current market trends, including but not limited to: M-Commerce, Omnichannel and Cross-Border B2C E-Commerce. Those merchants currently operating purely online or predominantly store-based could seek to adopt these strategies in an effort to gain a share in the booming online clothing market.

Before launching any business, it’s imperative you do your research. According to Bloomberg, 8 out of 10 entrepreneurs who start small businesses fail within the first 18 months, a vast 80% don’t succeed. So, if you want to be a part of that successful 20%, you have to put together your SWOT (strengths, weaknesses, opportunities and threats) analysis, business plan, and marketing plan – none of which can be done without reliable and professional market research.

Nowadays, technology makes life easier for us. We are surrounded by so many “smart” devices that do many of our daily tasks for us. There’s an abundance of this newer technology from smart wearables, to smart homes and smart grids. As technology advances it will only become more ingrained into all aspects of our lives. A study last year by IBM predicted the upcoming five smart technology trends for the next five years will include smarter classrooms, stores, medicine, privacy and protection, and cities. The evolution of technology isn’t stopping anytime soon.

Wearable devices represent technology that humans can wear on-the-go. According to market intelligence, these devices will ultimately replace most of today's traditional gadgets that are used on a daily basis. Just as today’s devices are wholly unrecognizable to someone from twenty years ago, wearable technology and other advances will make today's gadgets seem obsolete only in about ten years.

Wearables are a pioneering approach to integrating smarter and more practical gadgets into daily life. Initially focused on communications, applications, content and commerce, wearables will ultimately be involved in many other aspects of life and transform the lifestyles we once knew.  Routine tasks will be transformed as activities become more efficient, entertaining and controllable.

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